Medallion Appraisals, LLC

This appraisal was the worst effort we have ever experienced in the 15 or 20 appraisals we have ever had done on any of our properties over the years. The work was carelessly done. For example: The appraiser said that the toilet had been removed in our MBR bath (it hadn?t), she also said that one of the comparables had three bedrooms, it only had two She lowered the value of the property by $3000 because we were repairing a 3? x 4? redundant shower (we had to replace the 4? x 4? tile and backer board) The bathroom already had a complete tub with shower so it was already a full bath. In comparison she only allowed $1,500 for a complete 3rd bedroom. We appealed the appraisal and listed our reasons for thinking that the value was too low. She then retaliated by lowering the appraisal by another $4,000. In the end we were vindicated because the next year with the market even more depressed (indicated because interest rates were even lower that year). We got a new appraisal, with the house in exactly the same condition, for $8000 higher than the previous appraisal by Medallion. The thing that concerns us is that it appears that some appraisers are low balling their estimates to get quick buy in from the Banks and because there is little or no recourse for the borrowers.